| Want the lowdown on what's moving European markets in your inbox every morning? Sign up here. Good morning. France extended its curfew, the first Covid treatment got FDA approval, and Britain signed its first major post-Brexit trade deal. Here's what's moving markets. CurfewsGovernments around Europe began to deploy curfews more widely as virus cases hit daily records around the region. France reported more than 40,000 new cases for the first time, while Italy, Germany and at least eight other nations also recorded record infections. French authorities expanded curfews beyond Paris and some other big cities, ordering about 46 million people to stay at home from 9 p.m. to 6 a.m. starting at midnight. Major cities including Milan and Athens are also under curfew, and one is being considered for Madrid. In more uplifting news, the U.S. Food and Drug Administration approved Gilead's antiviral therapy remdesivir, making it the first drug to obtain formal clearance for treating the coronavirus. Trading BarbsIn their final debate ahead of the U.S presidential election, the candidates struck a more civil tone than in the chaotic first debate. Former Vice President Joe Biden hit President Donald Trump's handling of the pandemic and pushed him to release his tax returns, while the incumbent took aim at Biden's economic plans, saying he would ``destroy the oil industry'' and that a Biden victory would lead to a stock market crash. Both candidates accused each other of being under foreign influence, with Biden calling Trump ally Rudy Giuliani ``a Russian pawn'' and Trump introducing a man who claimed without evidence to have discussed a Chinese business venture with Biden and his son. Biden, who is ahead by nearly 8 percentage points in the RealClearPolitics average of polls, had to avoid any debate-defining gaffes that change the status quo. A Post-Brexit FirstThe U.K. signed a trade deal with Japan, its first with a major economy since Brexit, as the clock runs down on British efforts to reach an agreement with the EU by the end of the year. The deal largely preserves the terms under which the U.K. traded with Tokyo as part of the EU, according to Japan's Ministry of Foreign Affairs. It's expected to boost Britain's GDP by 0.07% compared to 2018 levels over the next 15 years, the U.K. government has said. The signing came as Johnson's government restarted negotiations with the EU Thursday, in a bid to avoid tariffs and quotas being reimposed when the U.K. departs from the single market and customs union on Dec. 31. Goldman's AtonementGoldman Sachs will pay a record $2.3 billion foreign bribery penalty in the U.S. and plead guilty for its role in the plundering of Malaysia's 1MDB investment fund. Adding to fines and settlements in Hong Kong and Malaysia, this brings the global cost for the Wall Street giant to more than $5 billion. In a ``stunning'' rebuke of two key figures in global finance, the bank will claw back compensation from CEO David Solomon and his predecessor Lloyd Blankfein, according to a person briefed on the matter. The scandal set back a decade of image-repairing efforts at the bank, which last found itself in the spotlight over selling mortgage-linked instruments that fueled losses in the 2008 credit crisis. Coming Up…The day's earnings have started on a bullish note, as Swiss industrial group ABB's third-quarter profit beat estimates and Mercedes-Benz owner Daimler forecast full-year profit at last year's level, despite the pandemic's damper on sales. French peer Renault posted third-quarter sales that narrowly beat estimates. Other early highlights include chemicals group Air Liquide and appliance maker Electrolux. Barclays will be the morning's main event in the U.K., the first large British bank to report following positive surprises at UBS and U.S. peers. Crisis-battered mall landlord Klepierre's sales update is due after markets close. What We've Been ReadingThis is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morningAs Netflix shareholders found out to their dismay this week, lofty global growth stock valuations can come back to bite, when a company's outlook isn't bullish enough to back them up. Since 2002, the MSCI AC World Growth Index has about doubled the return of its value counterpart, yet its relative earnings expectations have failed to grow at a similar pace. That means a significant valuation gap has emerged between the two types of stocks, one that isn't necessarily justified by higher relative earnings growth. That leaves growth stocks vulnerable to a sharp valuation correction should investors become disappointed. Netflix fell as much as 7% on Wednesday after missing Wall Street's estimates for subscribers, renewing doubts about its ability to maintain growth. About 15% of the companies in the Bloomberg World Index have reported so far this season with over 80% of tech firms beating estimates. But traders have been unimpressed despite the positivity -- the average one-day price move for the companies was -0.4%, the data showed. And for those that disappointed, the share price reaction has been far more severe. IBM shares slumped 6.5% on Tuesday, the most in four months, after failing to provide an earnings outlook. Citrix Systems fell over 7% Thursday, to the lowest since March, after cloud growth lagged investor expectations. As SocGen's Albert Edwards put it, woe betide any stock that profit warns, making the market realize it had wrongly valued it as a growth stock.  Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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